Govt cuts import duty on gold, silver to 7.5% from 12.5%

The government on Monday announced cut in import duty on gold and silver, a move that will help bring down prices of these precious metals in the domestic market and boost exports of gems and jeweller y. The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins. "Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver," Finance Minister Nirmala Sitahraman said while presenting the Union Budget 2021-22. The customs duty on gold and silver was reduced to 7.5 per cent. .